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December 2012

A. P. (DIR Series) Circular No. 46 dated 23rd October, 2012

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Supply of Goods and Services by Special Economic
Zones (SEZs) to Units in Domestic Tariff Areas (DTAs) against payment
in foreign exchange

Presently, units in the DTA can make
payment in foreign currency to units in SEZ against supply of goods by
the unit in SEZ to the unit in DTA.

This circular permits units in the DTA to make payment in foreign currency to units in SEZ against supply of services by the unit in SEZ to the unit in DTA. However, care should be taken to ensure that the Letter of Approval issued to the SEZ unit by the Development Commissioner of the SEZ contains a provision permitting the SEZ unit to supply goods /services to units in DTA and consequent receipt of payment from units in DTA in foreign currency.

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A. P. (DIR Series) Circular No. 47 dated 23rd October, 2012